SandP 500, on 92-96 BUY, onpath, notxxed(true), 96 days, +7.6% (also, 16-20 on SELL; 35-39 on BUY; 92-96 on BUY; 218-222 on BUY; current $4372)
*Comment/Jun13: SandP is in a true bull configuration. The 35-39 index generated a buy signal inside an existing 92-96 true bull signal. The bullishness has been confirmed with the price rising over $4200. The 36-month support held so technically everything is bullish. Short term the price is approaching the upper boundary of the uptrend channel so some consolidation is expected soon.
HUI, last signal 92-96 SELL, 12 days, +0.81% (also, 16-20 on BUY; 35-39 on SELL; 92-96 on SELL; 218-222 on BUY; current $241.79)
*comment/Jun13: HUI is in a bearish configuration except for the 218-222 index. $225-230 should be a strong support zone but if it is lost $205-210 is the next target. So far everything looks like a correction that can get the price down to $205-210 or ultimately $195-200 before a new bull leg starts.
$NDX - Nasdaq, on 35-39 BUY, onpath, xxed, 95 days, +22.47% (also, 16-20 on SELL; 35-39 on BUY; 92-96 on BUY; 218-222 on BUY; current $15005)
*comment/Apr19: The chart is in a bullish configuration. 35-39, 92-96 and 218-222 indexes are on buy signals. Everything is lined up in a bullish order. 13.5Kish is still the target. Longer term I wouldn't exclude 15K as a probable target. For the chart to turn bearish again the price needs to fall below 12K. Keep an eye on 10yy. Rising over 3.8% again would be a problem for Nasdaq.
NEW/Jun13: So the price is approaching 15K mentioned above. Also, the 10yy is at 3.8% which should be a problem for NASDAQ. If the 10yy continues its upward move I expect the NASDAQ to top out soon. If not the melt-up scenario in NASDAQ becomes a possibility.
$RUT - Russell 2000, on 35-39 BUY, on path, XXed, 7 days, +4.96% (also, 16-20 on SELL; 35-39 on BUY; 92-96 breaking to BUY; 218-222 breaking to SELL; current $1874)
*comment/Jun13: In my previous posts I was pointing out how NASDAQ and Russell were in inverse setups and wondered which one was wrong. It turned out it was the Russell, opposite to my expectation. Happens all the time. The Russell chart generated triple buy signal 16-20/218-222/35-39 but 92-96 is missing for now. The SKI structure is not so great but it can improve in the next 30 days if the price can stay above $1825. For now, the target is $2000 where resistance will be strong.
$TNX - 10Y yield, on 92-96 BUY, onpath, not XXed(true), 13 days, +0.66% (also, 16-20 on SELL; 35-39 on BUY; 92-96 on BUY; 218-222 on BUY; current 3.8%)
*comment/Jun13: 10yy is in a true bull market again but the SKI structure is not favourable to it surviving the next 30 days. The true bull signal was generated under the major resistance which stands in the 3.8%-4.0% area. If the yield can hold in this area till mid-July this bull signal could be for real. Watch the NASDAQ 15K level and compare it to this chart. If the 10yy bull market survives NASDAQ will struggle at 15K and vice versa.
XAU, last signal 92-96 SELL (double SELL with 35-39), 14 days, -0.03% (also, 16-20 on BUY; 35-39 on SELL; 92-96 on SELL; 218-222 on BUY; current $123.3)
*comment/Jun13: XAU is in a bearish constellation except for the 218-222 index. If the $120 level doesn't hold the price could target $105-110 before a sustainable rally starts again.
ASA, last signal 92-96 SELL (double sell with 35-39), 11 days, +0.99% (also, 16-20 on BUY; 35-39 on SELL; 92-96 on SELL; 218-222 on BUY; current $15.17)
*comment/Jun13: The ASA is in a bearish constellation except for the 218-222 index. The perfect inverse head and shoulders chart pattern that took months to develop failed after the 218-222 buy signal was generated. That is not bullish and I see now that period as a sideways move inside a slightly rising trend channel (bearish). The price is approaching the support side of that channel now and that is around $15. If $15 can hold the 92-96 index will buy back but the SKI structure will not be too favourable for a lasting rally. A potential failure at the $15 support level will then target $13. For me personally, that makes more sense than a potential 92-96 buy signal. The ASA chart keeps giving the most timely signals in the gold sector. Unfortunately, the 218-222 buy signal wasn't bullish as I expected, it was the opposite.
BITCOIN, on 92-96, onpath, xxed, 147 days, +22.29% (also, 16-20 on BUY; 35-39 on SELL; 92-96 on BUY; 218-222 on BUY; current $25912
*comment/June 13: BTC is in a bullish configuration. Support is around 25K. If 30Kish can be broken through then the target is 40K. Needs to happen before end of summer or the bull market will end.
COPX (copper miners ETF), 16-20 crossed to SELL (also, 16-20 SELL executed today; 35-39 on SELL; 92-96 on SELL; 218-222 on BUY; current $39.27)
*comment/Jun13: COPX is in a bearish constellation except for the 218-222 index. The huge consolidation pattern is still developing going back to 2021. Most of the time the price spends between $34 and $42 with occasional excursions to $28 and $47. Today's 16-20 sell signal might mark the top but I am not sure. Another try at $42 will produce a double buy again but the $42 still stands as a firm resistance. I think we will need a resolution in the general market to get this pattern broken to the upside or the downside. For now, the best play is selling resistance ($42) and buying support ($28).
DXY (dollar index), on 35-39 BUY, onpath, notXXed(true), 17 days, +0.11% (also, 16-20 breaking to BUY; 35-39 on BUY; 92-96 on BUY; 218-222 on SELL; current $103.03)
*comment/Jun13: Since my last post, the dollar rallied from $101 to $104 which is inside the major resistance area ($104-105). This rally produced a new 35-39 and 92-96 buy signal but for now (as long as under $105) I consider it a bear market rally. For the next four weeks, the battle will be held to keep the 92-96 signal alive. If failed the $98-99 area is the target. This area is the crucial long-term support and must hold. On the other hand, rising over $105 will target $110.
GDX, last signal 92-96 SELL, 12 days, +2.22% (also, 16-20 on BUY; 35-39 on SELL; 92-96 on SELL; 218-222 on BUY; current $30.87)
*comment/13Jun: GDX is in a bearish constellation except for the 218-222 index. The correction target is $29. If $29 cannot hold the ultimate target is $26. To turn moderately bullish again we need a 92-96 buy signal but it needs to happen above $29.
GDXJ, last signal 92-96 SELL, 15 days, -0.68% (also, 16-20 on BUY; 35-39 on SELL; 92-96 on SELL; 218-222 on BUY; current $36.63)
*comment/13Jun: GDXJ is in a bearish constellation except for the 218-222 index. The correction target is $35 where solid support should kick in. If $35 cannot hold the ultimate target is $29-30. To turn moderately bullish again we need a 92-96 buy signal but it needs to happen above $35.
GLD, last signal 35-39 SELL, 16 days, -1.52% (also, 16-20 breaking to SELL; 35-39 on SELL; 92-96 breaking to SELL; 218-222 on BUY; current $180.64)
*comment/Jun13: The GLD chart structure is still bullish. A quadruple buy signal (3 long-term signals + 35-39) has been generated inside an existing 92-96 buy signal. The 35-39 index, which was on the path of trades, then sold so the path is now clear but the 92-96 index is still on a buy signal hence the bullish configuration. The current price level ($180) must hold or the 92-96 index will sell by mid-July/beginning of September. I have a feeling that there is one more visit to $170-175 ($1850-1880 spot) coming to test the support. If it does the whole configuration will be reset and we will have new signals by September. The very long-term bullishness is intact (218-222, 439-443).
SLV, on 92-96 BUY, onpath, XXed, 3 days, -0.5% (also, 16-20 breaking to BUY; 35-39 on SELL; 92-96 breaking to SELL; 218-222 on BUY; current $21.97)
*comment/Jun13: The SLV chart constellation is neutral. The 35-39 is on a sell signal and the 92-96 is on a buy but it is all happening inside a trading range ($21-24) that needs to be broken for the setup to turn bullish or bearish.
TIP, last signal 92-96 SELL, 12 days, -0.73% (also, 16-20 on BUY; 35-39 on SELL; 92-96 on SELL; 218-222 on SELL, current $107.37)
*comment/Jun13: The chart is in a bearish configuration and the price is moving inside a slightly falling trading channel. $105-106 is very firm support and I don't expect it to be broken. If it does that might cause turmoil in the gold market.
TLT, last signal 92-96 SELL, 16 days, +0.98% (also, 16-20 breaking to SELL; 35-39 on SELL; 92-96 on SELL; 218-222 on SELL; current $102.02)
*comment/Jun13: The chart is in a bearish configuration and the price is moving inside a trading channel ($101-$109). $101 is firm support and if broken down it could be a signal for a spike in 10yy above 3.8%-4%. That might start a correction in NASDAQ and S&P 500.
UCO (crude oil ETF), last signal 35-39 SELL, 16 days, -9.01% (also, 16-20 breaking to SELL; 35-39 on SELL; 92-96 on SELL; 218-222 on SELL; current $22.52)
*comment/Jun13: The chart is in a bearish configuration but the price is refusing to make a decisive move up or down. The pressure is to the downside. The support is around $21 and if it cannot survive the target will be in the $15-16 range.
URA (uranium stocks ETF), last signal 92-96 SELL, 14 days, +12.5% (also, 16-20 on SELL; 35-39 on BUY; on SELL; 218-222 on BUY; current $22.23)
*comment/Jun13: URA finally broke out of the bullish contracting triangle that goes back to the top of 2021. If it is not a fakeout breakout a new 92-96 true bull buy signal will be generated by the end of June. $23 is the level to watch.
USERX, last signal 92-96 SELL, 15 days, +0.31%; run pattern in-progress 1U/2D/-0.0%perday; xxing=off_on_on (also, 16-20 on BUY; 35-39 on SELL; 92-96 on SELL; 218-222 on BUY; current $9.76)
*comment/Jun13: The USERX price keeps oscillating around the critical $10.28 level (2016 top). If we have reached the support $9.5 shouldn't be exceeded to the downside but if it does there is strong support in the $8.75-9.0 area. I wouldn't like to see the price going to that level because it will significantly damage the SKI structure. On the other side breaking through the $10.28 level will take us back to the bulls' territory.
XGD.AX, Australian gold index, last signal 35-39 SELL (inside a 92-96 BUY signal off the path), 10 days, +0.02% (also, 16-20 on BUY; 35-39 on SELL; 92-96 on BUY; 218-222 on BUY; current $6802)
*comment/Jun13: The XGD chart configuration is still bullish. The correction sold the 35-39 buy signal but the 92-96 buy is still alive. The $6600 breakout level is being tested from above. The correction shouldn't go lower than $6400. I have sold some since my last post and am 30% long. Looking to add around $6500-6600.
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